Debt Payoff Calculator
List each debt with its balance, rate and minimum payment, add anything extra you can afford, and compare the two methods.
This is an estimate to help you plan and not advice.
Worked examples
Three debts with £100 extra
Store card £1,200 at 24.9%, credit card £3,500 at 19.9%, car loan £6,000 at 7.5%, £100 extra
Avalanche 2 years 7 months, £1,678 interest
Snowball takes 2 years 7 months and costs £1,678 in interest.
About Debt Payoff Calculator
When you owe money on several cards and loans, the order in which you clear them changes how long it takes and how much interest you pay. Both well known methods start the same way: pay the minimum on every debt and put all your spare money on one. They differ in which one that is. The avalanche method targets the highest interest rate, and the snowball method targets the smallest balance.
Add each debt on its own line with a name, balance, rate and minimum payment, enter what extra you can afford each month, and the page runs both plans month by month. You see the time to be clear of debt, the total interest, and the order in which the debts disappear. When a debt is cleared, its minimum payment rolls onto the next one so the total you put towards debt stays level.
How to use Debt Payoff Calculator
- Type each debt on its own line as name, balance, rate and minimum payment, separated by commas.
- Enter the extra amount you can pay each month on top of the minimums.
- Choose whether the rates you have are APRs or yearly interest rates.
- Pick a method to see its plan, and compare the two in the table.
Common uses
- Choosing which card to attack first
- Seeing how much a bonus or extra monthly saving shortens the time
- Comparing the cost of snowball and avalanche for your own debts
- Planning to clear all your debts by a target date
Sources
Last reviewed 18 October 2026.
Frequently asked questions
What is the debt snowball method?
You pay the minimum on all debts and put every spare pound on the smallest balance. When it is gone, you move its payment to the next smallest. It clears debts quickly, which many people find motivating.
What is the debt avalanche method?
The same idea, but the extra money goes to the debt with the highest interest rate first. It never costs more interest than the snowball method and usually costs less.
Which method should I choose?
If the numbers are close, pick the one you will stick with. If one debt has a much higher rate, the avalanche saves the most. The comparison table shows how big the difference is for your debts.
What if my minimums are too low?
If the payments cannot clear a debt, the page tells you. Raise the extra amount or a minimum, or speak to a debt advice charity if you are struggling.
Does it cover mortgages?
You can add any debt, but a mortgage is usually the lowest priority. Most people focus on cards, loans and overdrafts first.